COMPLETES DEAL: $3.19

LAWMAKERS CONDEMN

BIG TECH: House lawmakers who spent the last 15 months investigating the practices of the world's largest technology companies said Tuesday that Amazon, Apple, Facebook and Google had exercised and abused their monopoly power and called for the most sweeping changes to antitrust laws in half a century. In a 449-page report that was presented by the House Judiciary Committee's Democratic leadership, lawmakers said the four companies had turned from “scrappy” startups into “the kinds of monopolies we last saw in the era of oil barons and railroad tycoons.” The lawmakers said the companies had abused their dominant positions, setting and often dictating prices and rules for commerce, search, advertising, social networking and publishing. To amend the inequities, the lawmakers recommended restoring competition by effectively breaking up the companies.

GE MAY FACE SEC

SANCTION: The Securities and Exchange Commission has warned General Electric that it faces legal action in connection with its troubled insurance business, according to a regulatory filing published Tuesday. The SEC issued what's known as a “Wells notice” on Sept. 30 to alert the conglomerate that it considering civil action for possible securities law violations. GE first disclosed the government investigation into its accounting practices in 2018, after a multibillion-dollar underestimate of its insurance business created a shortfall in its reserves. ThenChief Financial Officer Jamie Miller said on a conference call with analysts, “There's nothing here I'm overly concerned about.” The SEC also delved into how GE recognized revenue from long-term service agreements for the maintenance of industrial equipment, including power plants and jet engines.

CHARLES SCHWAB

Charles Schwab has completed its roughly $22 billion acquisition of rival broker TD Ameritrade. The companies said the deal was completed Tuesday although it will take another 18 to 36 months to integrate the two firms. The deal was announced last November — not long after both brokers eliminated commissions on most stock trades.

APPLE TO HOLD ONLINE

EVENT: Apple announced that its biggest product launch event of the year will be held Oct. 13. The tech giant on Tuesday released the date of the event with the tagline “Hi, Speed.” Apple plans to reveal four redesigned iPhones with 5G wireless capability, upgraded cameras, faster processors and a wider range of screen sizes.

Average price of a gallon of gasoline in San Diego County.